Finra panel orders Stifel to pay $1.5 million to clients

Finra panel orders Stifel to pay $1.5 million to clients
Sum constitutes compensatory damages for breach of duties.
OCT 04, 2019
An arbitration panel of the Financial Industry Regulatory Authority Inc. has ordered Stifel Nicolaus & Co. to pay $1,524,176 to four of 12 clients who claimed the firm breached its duties and committed other securities law violations. [Recommended video:​ Deploying fintech to improve the client experience and prevent fraud] The specific nature of the clients' complaints against the firm were not explained in the award document from the Finra office of dispute regulation. [More:​ Finra bars former Wells Fargo broker for insider trading] In their statement of claim, all claimants requested compensatory damages in the amount of $20 million and punitive damages in the amount of $30 million. At the close of the hearing, four of the group reduced their claim to $1,524,176 in compensatory damages. Claims for punitive damages, attorneys' fees and costs were denied. Don't miss our Women Adviser Summit — coming to San Francisco.

Latest News

Cerulli: Advisors struggle to turn 401(k) savers into wealth clients
Cerulli: Advisors struggle to turn 401(k) savers into wealth clients

Just over 10% of advisors' wealth clients come from defined contribution plans, as capacity, data and technology gaps block the bridge to wealth

Alto to buy Forge Trust from Schwab in self-directed IRA push
Alto to buy Forge Trust from Schwab in self-directed IRA push

Deal creates a $20B-plus custody platform for private market investing in IRAs, months after Schwab closed its Forge Global purchase

Wall Street bonanza! The Street on track to hit a record $90 billion in profits: Report
Wall Street bonanza! The Street on track to hit a record $90 billion in profits: Report

Despite the good times, advisors should tread carefully, said one veteran industry executive.

Most workers have retirement plans but no retirement strategy
Most workers have retirement plans but no retirement strategy

Gallagher data reveals a huge gap in financial confidence between employees who work with an advisor and those who don't.

Small employers are more open to pooled retirement plans
Small employers are more open to pooled retirement plans

PEP assets hit $34bn at year-end 2025 as advisors navigate mandate deadlines and a 48% employer interest rate.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor